KRÓTKOOKRESOWE ORAZ DŁUGOOKRESOWE STOPY ZWROTU PIERWSZEJ OFERTY PUBLICZNEJ W KRAJACH EUROPY CENTRALNEJ I WSCHODNIEJ
Abstrakt
Pierwsza oferta publiczna jest jednym z ważniejszych zjawisk w finansach, która zapewnia przedsiębiorstwom kapitał na rozwój. Celem publikacji jest analiza stop zwrotu z przeprowadzonych ofert publicznych zarówno w pierwszym dniu notowań jak i długoterminowych stop zwrotu na rynkach kapitałowych Europy Centralnej i Wschodniej. Głównym celem jest analiza zjawiska niedoszacowania wartości przedsiębiorstw w latach 2000-2012 na giełdach w Warszawie, Pradze, Budapeszcie, Bratysławie, Lubljanie i Wiedniu.Wykaz bibliografii
Aggraval, R., Rivoli, P., Fads in the initial public offering market?, Financial Management, 19, 1990, p. 45-57.
Allen, F., Faulhaber, G.R., Signaling by underpricing in the IPO mar- ket, Journal of Financial Economics, Vol. 23 p.303-323, 1989.
Barber, B., Lyon, J., 1997, Detecting Long-Run Abnormal Stock Re- turns: The Empirical Power and Specification of Test Statis- tics, journal of Financial Economics, 43 (3), 341-372.
Barry, C., C. Muscarella, J. Peavy and M. Vetsuypens, The role of venture capital in the creation of public companies: evi- dence from the going-public process, Journal of Financial Economics 27(2) 1990, 447–471.
Booth, J.R., Booth, L., Agreeing to Disagree: Why IPOs are Under- priced?, mimeo, July 2003.
Brav, A., Gompers, P., Myth or reality? The Long-Run Underperfor- mance of Initial Public Offerings: Evidence from Venture Cap- ital and Non-VentureCapital Backed Companies, Journal of Finance, 52 (5), 1791-1822, 1997
Chemmanur, T.J., and Fulghieri, P., Reputation, renegotiation, and the choice between bank loans and publicly traded debt, Review of Financial Studies, 7-3, 475-506, 1994.
Cochrane, J., The risk and return of venture capital, Journal of Fi- nancial Economics 75(1) 2005, 3–52.
Eckbo, B.E., Norli, O., Liquidity Risk, Leverage and Long-Run IPO Returns, Journal of Corporate Finance, 11, 1-35, 2005.
Fama, E.F., Agency problem and the theory of the firm, Journal of Political Economy, Vol. 88 No.2, p. 288-308, 1980.
Gompers, P., Grandstanding in the venture capital industry, Journal of Financial Economics 42(1), 1996, 133–156.
Gompers, P. and J. Lerner, Venture capital distributions: short-run and long-run reactions, Journal of Finance 53(6) 1998, 2161–2183.
Gompers, P. and J. Lerner, Money chasing deals? The impact of fund inflows on private equity valuations, Journal of Financial Economics 55(2) 2000, 281–325.
Ibbotson, R., Price performance of common stock new issues, Jour- nal of Financial Economics, Vol. 2 No.3, p. 235-72, 1975.
Ibbotson, R. G., Jaffe J. F. , Hot issues markets, Journal of Finance 30, 1975.
Ibbotson, R., Sindelar, J., Ritter, J., Initial Public Offerings, Journal of Applied Corporate Finance, vol. 1, p. 37-45, 1988.
Jewartowski, T. and J. Lizińska, Short-and Long-Term Performance of Polish IPOs.
Emerging Markets Finance and Trade 48(2): 59-75, 2012.
Knopf, J.D. and Teall, J.L., The IPO Effect and Measurement of Risk, Journal of Financial
Lee P., Wahl S. Grandstanding, certification an dthe underpricing of venture capital backed IPOs. Journal of Financial Econom- ics 73, 375-407, 2004.
Ljungqvist, A., IPO Underpricing, in: Handbook in Corporate Fi- nance: Empirical Corporate Finance, editor Eckbo, B.E, Else- vier, New York, 2005.
Ljungqvist, A., Wilhelm, W.J., IPO pricing in the Dot-Com bubble, Journal of Finance, Vol. 58 p. 723-52, 2003.
Loughran, T., Ritter, J.R., The new issues puzzle, Journal of Finance, Vol. 50 No.1, p. 23-51. 1995.
Loughran, T., Ritter, J.R., Why don't issuers get upset about leaving money on the table in
Lyn, E.O., Zychowicz, E.J. (2003), "The performance of new equity offerings in Hungary and Poland", Global Finance Journal, Vol. 14 pp.181-95.
Lyon, J.; Barber, B.; and Tsai, C.; 1999, Improved Methods for Tests of Long-Run Abnormal Stock Returns, Journal of Finance, 54 (1), 165-201.
Megginson, W., & Weiss, K., Venture capitalist certification in ini- tial public offerings. Journal of Finance, 46: 879-903, 1991.
Ritter, J.R., The Hot Issue Market of 1980, Journal of Business, 57, 215-240, 1984.
Ritter, J.R., The Long-Run performance of Initial Public Offerings, Journal of Finance, 46 (1), 3-27, 1991.
Sieradzki R., Does It Pay To Invest In IPOs? Evidence from the Warsaw Stock Exchange, Bank i Kredyt, National Bank of Poland, Warsaw 2013.
Abstract views: 300 PDF Downloads: 181